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OMGT 4313 Final GRADED A LATEST 2023/2024 -200 QUESTIONS AND ANSWE
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OMGT 4313 Final GRADED A LATEST 2023/2024 -200 QUESTIONS AND ANSWE
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OMGT 4313 Final GRADED A LATEST2023/2024 -200 QUESTIONS AND
ANSWERS
Mega Co. contracts with Service Co. to manufacture 100 custom service trucks, to
be delivered in ten months. One month after making the contract, Mega Co.
learns that its supplies will cost double what it expected. Thus, Mega Co. will lose
$800,000 if it performs the contract with Service Co. Mega Co. advises Service Co.
that it will not perform under the contract. This is called ______. - CORRECT
ANSWER Anticipatory repundiation
The ___________ establishes a deadline by which a party must sue to enforce a
contract. - CORRECT ANSWER Statute of limitations
If Party A breaches the contract, Party B can sue for damages. Party B still must
perform any outstanding duties under the contract, unless Party A's breach was
_______, in which case Party B is discharged from performance. - CORRECT
ANSWER material
A party's duties under a contract may be discharged (terminated) by the party's
performance of the duties or by ____________. - CORRECT ANSWER Agreement
of the parties
Which of the following are defenses to negligence claims? I. superseding event; II.
assumption of risk; III. res ipsa loquitor - CORRECT ANSWER I and II only
,Which negligence doctrine states the following "violation of a statute that
proximately causes an injury" creates liability? - CORRECT ANSWER negligence
per se
Which of the following are required elements to prove a lawsuit for negligence? I.
defendant owed duty of care; II. defendant breached duty; III. injury to plantiff; IV.
defendant's break of duty caused by injury; V. defendant's breach of duty was
proximate cause of plantiff's injury - CORRECT ANSWER I, II, III, IV, and V
What is an unconscionable contract? - CORRECT ANSWER a contract that a
court will not enforce because the contract is too unfair and one-sided
How does the UCC differ from common law of contracts with regard to the terms
of the contract? - CORRECT ANSWER the UCC allows contracts to be formed
with indefinite terms, whereas the common law requires definite terms
A contract is not enforceable when a party did not voluntarily consent to the
contract. Which of the following circumstances may create lack of voluntary
consent? I. fraud; II. duress; III. insanity - CORRECT ANSWER I and II
If there is a dispute as to whether a contract was formed, courts look to the
______. - CORRECT ANSWER the objective facts as interpreted by a reasonable
person
Lara was joking with a friend about selling her new car for $2000 and only riding
her bike to and from work. The friend said, "I accept your offer." Is there an
enforceable contract between Lara and her friend? (i.e. if Lara refuses to deliver
the car to her friend, will the friend succeed in a lawsuit to compel Lara to deliver
the car?) - CORRECT ANSWER No, because Lara did not objectively intend to be
bound by her offer to sell her car for $2000
, Marc bought a boat. Which law governs that type of contract (a sale of goods)? -
CORRECT ANSWER The UCC as passed by the state where the contract occurs
What is the purpose of consequential damages in contract? - CORRECT ANSWER
to cover indirect, but foreseeable losses
Often a breach of contract lawsuit results in an award of money damages.
However, sale of land contracts are usually treated differently. How do most states
resolve lawsuits where the seller of land has breached and not delivered the
parcel of land? - CORRECT ANSWER courts order the seller to specifically
perform the contract, awarding ownership of the land to the non-breaching buyer
Taxi Co. contracts to purchase two limos from Custom Cars with delivery to occur
on May 1. Taxi Co. explained to Custom Cars that on-time delivery was very
important because the limos were booked for 4 proms and 8 weddings in May.
Custom Cars breached the contract and never delivered the two limos. Taxi Co.
had to cancel the prom and wedding contracts. In a lawsuit, will Taxi Co. be able to
recover the profits it lost when it cancelled the prom and wedding contracts? -
CORRECT ANSWER Yes, because these were consequential damages: indirect
losses related to Custom Cars' breach, which were foreseeable as Custom Cars
knew of the prom and wedding contracts
What is the standard measure of compensatory damages in a contract lawsuit? -
CORRECT ANSWER the difference between the value of the breaching party's
contractually promised performance and the value of the breaching party's actual
performance
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